Renting in Indianapolis costs about $1,430 a month, and the typical home is listed at $231,000. That puts the price-to-rent ratio at 13.5: a typical home costs as much as 13.5 years of rent.
Indianapolis now and in 2031
| Now | 2031 (projected) | |
|---|---|---|
| Typical asking rent | $1,430/mo | $1,580/mo |
| Typical list price | $231,000 | $302,000 |
| Price-to-rent ratio | 13.5 | — |
Rent is projected at +2.0% a year, the trend in RentCast's median rents for these ZIP codes since mid-2024. For home values: The first 2 years follow this year's change in list prices (+0.1%); later years use the Federal Housing Finance Agency's house price index average for these ZIP codes from 2020 to 2025 (+9.2% a year). These are trends carried forward, not predictions of the next market turn.
How to read the price-to-rent ratio
The ratio divides the typical list price by a year of typical rent. A higher ratio means buying is expensive relative to renting; a lower one means monthly rent is high compared with what a home costs. It's a quick way to compare cities, not a verdict for your situation.
By ZIP code
| ZIP | Median rent | Rental listings | Median list price | Sale listings |
|---|---|---|---|---|
| 46227 | $1,250/mo | 82 | $244,900 | 258 |
| 46226 | $1,275/mo | 152 | $169,900 | 243 |
| 46237 | $1,795/mo | 89 | $274,900 | 293 |
| 46254 | $1,800/mo | 83 | $229,999 | 143 |
| 46224 | $1,500/mo | 48 | $240,000 | 86 |
| 46217 | $1,795/mo | 82 | $262,500 | 206 |
| 46219 | $1,025/mo | 143 | $198,900 | 257 |
What this doesn't account for
Mortgage rates, your down payment, property taxes, insurance, HOA fees, maintenance, and how long you'll stay decide more than any city-wide figure. These are area numbers built from active listings; they don't know the specific home or your finances.
Source: RentCast market data for 7 of Indianapolis's 32 ZIP codes (the most populous, home to 34% of residents in the city's ZIP codes, per the Census Bureau's ACS 2023). A ZIP counts only with at least 20 active listings. Retrieved October 15, 2026. Figures are listing-weighted averages of ZIP medians, not an appraisal. How Predictye calculates this.
Frequently asked questions
How much is rent in Indianapolis, IN?
Typical asking rent is $1,430 a month, across 679 active rental listings in 7 ZIP codes.
How much do homes cost in Indianapolis, IN?
The typical list price is $231,000, across 1,486 active sale listings in 7 ZIP codes. List prices are asking prices, not final sale prices.
What is the price-to-rent ratio in Indianapolis, IN?
About 13.5: the typical list price equals 13.5 years of typical rent. The higher the ratio, the more buying costs relative to renting.